Attached files
| file | filename |
|---|---|
| 8-K - ARK RESTAURANTS CORP | c91888_8k.htm |
Exhibit 99.1
| ARK RESTAURANTS CORP. |
| Consolidated Statements of Income |
| For the 13 and 39-week periods ended June 30, 2018 and July 1, 2017 |
| (In Thousands, Except per share amounts) |
| 13 weeks ended | 13 weeks ended | 39 weeks ended | 39 weeks ended | |||||||||||||
| June 30, | July 1, | June 30, | July 1, | |||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| TOTAL REVENUES | $ | 44,800 | $ | 41,350 | $ | 119,428 | $ | 114,410 | ||||||||
| COST AND EXPENSES: | ||||||||||||||||
| Food and beverage cost of sales | 11,874 | 11,227 | 31,832 | 30,814 | ||||||||||||
| Payroll expenses | 14,685 | 13,776 | 41,386 | 39,402 | ||||||||||||
| Occupancy expenses | 4,683 | 4,541 | 13,833 | 13,037 | ||||||||||||
| Other operating costs and expenses | 5,658 | 5,398 | 15,972 | 15,390 | ||||||||||||
| General and administrative expenses | 2,859 | 2,955 | 8,461 | 8,699 | ||||||||||||
| Depreciation and amortization | 1,255 | 1,006 | 3,837 | 3,541 | ||||||||||||
| Total costs and expenses | 41,014 | 38,903 | 115,321 | 110,883 | ||||||||||||
| RESTAURANT OPERATING INCOME | 3,786 | 2,447 | 4,107 | 3,527 | ||||||||||||
| Gain on sale of Rustic Inn, Jupiter property | — | — | — | 1,637 | ||||||||||||
| OPERATING INCOME | 3,786 | 2,447 | 4,107 | 5,164 | ||||||||||||
| OTHER (INCOME) EXPENSE: | ||||||||||||||||
| Interest expense, net | 299 | 178 | 791 | 344 | ||||||||||||
| Total other expense, net | 299 | 178 | 791 | 344 | ||||||||||||
| INCOME BEFORE PROVISION FOR INCOME TAXES | 3,487 | 2,269 | 3,316 | 4,820 | ||||||||||||
| Provision for income taxes | 562 | 585 | (661 | ) | 1,338 | |||||||||||
| CONSOLIDATED NET INCOME | 2,925 | 1,684 | 3,977 | 3,482 | ||||||||||||
| Net (income) loss attributable to non-controlling interests | (268 | ) | (298 | ) | (329 | ) | (755 | ) | ||||||||
| NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. | $ | 2,657 | $ | 1,386 | $ | 3,648 | $ | 2,727 | ||||||||
| NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE: | ||||||||||||||||
| Basic | $ | 0.77 | $ | 0.40 | $ | 1.06 | $ | 0.80 | ||||||||
| Diluted | $ | 0.75 | $ | 0.39 | $ | 1.03 | $ | 0.77 | ||||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
| Basic | 3,440 | 3,424 | 3,436 | 3,424 | ||||||||||||
| Diluted | 3,558 | 3,549 | 3,554 | 3,532 | ||||||||||||
| EBITDA Reconciliation: | ||||||||||||||||
| Restaurant operating income | $ | 3,786 | $ | 2,447 | $ | 4,107 | $ | 3,527 | ||||||||
| Interest expense, net | (299 | ) | (178 | ) | (791 | ) | (344 | ) | ||||||||
| Restaurant income before provision for income taxes | 3,487 | 2,269 | 3,316 | 3,183 | ||||||||||||
| Gain on sale of Rustic Inn, Jupiter property | — | — | — | 1,637 | ||||||||||||
| Pre tax income | $ | 3,487 | $ | 2,269 | $ | 3,316 | $ | 4,820 | ||||||||
| Depreciation and amortization | 1,255 | 1,006 | 3,837 | 3,541 | ||||||||||||
| Interest expense, net | 299 | 178 | 791 | 344 | ||||||||||||
| EBITDA (a) | $ | 5,041 | $ | 3,453 | $ | 7,944 | $ | 8,705 | ||||||||
| EBITDA, adjusted for non-controlling interests and Rustic Inn, Jupiter gain: | ||||||||||||||||
| EBITDA (as defined) (a) | $ | 5,041 | $ | 3,453 | $ | 7,944 | $ | 8,705 | ||||||||
| Net (income) loss attributable to non-controlling interests | (268 | ) | (298 | ) | (329 | ) | (755 | ) | ||||||||
| Gain on sale of Rustic Inn, Jupiter property | — | — | — | (1,637 | ) | |||||||||||
| EBITDA from restaurant operations, as adjusted | $ | 4,773 | $ | 3,155 | $ | 7,615 | $ | 6,313 | ||||||||
(a) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Although EBITDA is not a measure of performance or liquidity calculated in accordance with generally accepted accounting principles ("GAAP"), the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above.